Re:Bitcoin Exchanges Under ‘Massive and Concerted Attack’
by dogecoinbase on Wednesday February 12, 2014 @01:16AM
(#7222844)
> when they're closer in many ways to physical cash transactions in nature.
I very much agree with you. This is also the right way to think about BTC exchanges -- an unregulated website that you ship cash to.
There are some subtleties around the specific nonphysical transaction mechanism of BTC that differentiate it from a cash transaction, which are sort of difficult to quantify currently because the technical and legal aspects have not been fully explored... as a hard example, imagine a BTC wallet coupled with a memorizable private key (or an effective substitute). This is essentially a cash store that cannot be confiscated, and which can be communicated verbally, i.e. within a protected (attorney-client) setting. There are some interesting implications there.
I very much agree with you. This is also the right way to think about BTC exchanges -- an unregulated website that you ship cash to.
There are some subtleties around the specific nonphysical transaction mechanism of BTC that differentiate it from a cash transaction, which are sort of difficult to quantify currently because the technical and legal aspects have not been fully explored... as a hard example, imagine a BTC wallet coupled with a memorizable private key (or an effective substitute). This is essentially a cash store that cannot be confiscated, and which can be communicated verbally, i.e. within a protected (attorney-client) setting. There are some interesting implications there.